NEW YORK, Oct. 05, 2018 (GLOBE NEWSWIRE) -- The global autonomous vehicles market is expected to witness a CAGR of 62.86% to reach USD 41.24 billion by 2024. Huge investments by key players in R&D of autonomous vehicles and increasing incidences of accidents are likely to fuel the market growth over the forecast period. Moreover, high demand for improvement of traffic congestion in urban setup is expected to propel the market growth during 2018 to 2024.
Fully autonomous vehicles are capable of performing all driving functions with the option of driver control. A partially autonomous vehicle is partially or conditionally automated, operated with the assistance of a driver. These vehicles are able to sense the environment and navigate without human input. Autonomous vehicles will restructure the urban transport network in the next few decades. Major automobile companies are signing mergers with AI (Artificial Intelligence) technology and ridesharing companies, expecting to venture early in the vehicle automation market. However, adoption timeline of these vehicle will be a major factor in the growth of this market.
Key findings from the report:
- The global autonomous vehicles market is expected to witness a CAGR of 62.86% to reach USD 41.24 billion by 2024.
- By vehicle type, car segment is expected to experience the fastest CAGR during 2018-2024 owing to car being the preferable mode of transportation
- By application, commercial segment is likely to experience the fastest growth over the forecast period
- By type, partially autonomous vehicles segment is expected to hold the largest share of the market and witness the fastest CAGR during the forecast period, this can be attributed to the longer adoption timeline of fully autonomous vehicles
- North America is expected to register the highest CAGR over the forecast period. This can be attributed to presence of key players in this region
- Some of the key companies operating in the market include Tesla; BMW AG; General Motors; Ford Motor Company; Daimler AG; Lyft; Argo AI LLC; Waymo; Texas Instruments Incorporated; and Intel Corporation, among others
Car segment : Expected to experience the fastest growth during 2018-2024
Car segment is expected to experience the fastest CAGR over the forecast period. This growth can attributed to car being the most preferable mode of transportation in comparison to other autonomous vehicle types. Mergers between automobile and ridesharing companies projects that autonomous cars will be used by ridesharing companies which is expected to give impetus market growth. Moreover, deployment of autonomous car fleets in private businesses is likely to propel the growth of this segment over the forecast period. Huge investments by major automobile companies to upgrade and integrate their self-driving technology in autonomous vehicles is also expected to actuate the growth of this market.
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Partially autonomous vehicles segment : likely to experience the fastest CAGR during 2018-2024
Partially autonomous vehicles segment is expected to register the fastest CAGR over the forecast period. This can be attributed to regionwise legislatory adoption issues faced by fully autonomous vehicles. Partially autonomous vehicles have integrated advanced features and are driven with the assistance of a driver. Partially autonomous vehicles will cost lower as compared to fully autonomous vehicles as they do not employ complex artificial intelligence technology.
By application, commercial segment expected to witness fastest growth during 2018-2024
Commercial segment is likely to witness the fastest CAGR over the forecast period. The key factor driving this growth is expected early adoption and implementation of autonomous vehicles by commercial ventures like ride sharing companies. Moreover, adoption of longhaul autonomous trucks for highway transportation is likely to give impetus to this market over the forecast period.
Autonomous vehicles market - Regional insight
North America is expected to experience the fastest CAGR over the forecast period, and is likely to hold the major share of the market during 2018-2024. This can be attributed to the state-level adoption of self-driving legislations in 24 states of the US via approval by legislators or approval via executive order by governor. Moreover, presence of key players in this region is likely to give impetus to the market over the forecast period. The US will hold the major potion of the market in 2019 and Europe and Asia Pacific are likely add to the sales by the year 2021.
The report segments autonomous vehicles market on the basis of type, propulsion, application, level, vehicle type, component type, and region.
The research scope for global autonomous vehicles market is as follows:
By Type
- Partially Autonomous Vehicles
- Fully Autonomous Vehicles
By Propulsion
- HEV
- PHEV
- BEV
- FCEV
- ICE
By Application
- Privately Owned
- Commercial
- Business Owned
By Level
- Level 1
- Level 2
- Level 3
- Level 4
- Level 5
By Vehicle Type
- Car
- Truck
- Bike
By Component Type
- Artificial Intelligence (AI)
- Camera
- LiDar
- Radar
- Ultrasonic Sensor
By Region
- North America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
- Central and South America
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